Accounting Standards Board (ASB) of ICAI has provided Format of Financial Statements for NPOs in absence of standard template for financial statements specially for society and trusts. The format is best practice and should be followed by NPOs specially society and trust as standard templates. You may consider introducing these from FY 2024-25 since audit process must be on.
The excel file providing the financial statements template is attached.
Yes, you are correct, to be treated as presentation and rreporting best practise as I mentioned. Someday they will become mandatory. Better to adopt from this or if already drawn from next year. Since it is coming from ASB, ICAI, many auditors are asking their NGO clients to draw in these formats.
Namaskaram Sir, Can the NPO Format be used for Section 8 Not for Profit Companies, is it is in acoordance with Schedule 3 Division 1, i would like to use the format for Technology business Incubatior Registerd as section 8 company, if no is there any format for section 8 companies and i would like to know the guidelines for maintanence of books of accounts of section 8 companies
Thanks, Mohan, for seeking the clarification. My post of July 2025 was for trust, society i.e. non-corporate bodies for which ASB of ICAI had advised the template for preparation of financial statements since there was no standard template. In case of Section 8 company which is a corporate body, the format and guidelines for preparation and presentation of financial statements as per Schedule III of Companies Act 20213 meant for a company will be fully applicable.
Attaching the template for benefit of all non-corporate entities.